Daily News Roundup - Sep 2 2009

Reliance Industries plans to foray into the global pipeline construction business with a bid for building Rs30bn worth of oil and gas pipeline in Mexico. (BS)

IL&FS has picked up significant minority stake in Reliance Industries promoted SEZ project in Haryana. (ET)

Government tells Supreme Court that the rights and obligations of NTPC and RNRL are different with respect to supply of gas from KG Basin by Reliance Industries. (ET)

South African government gave its in principal approval to the US$23bn cash and share swap deal being discussed between Bharti Airtel and MTN. (FE)

US bankruptcy court rejects Sterlite Industries bid to acquire Asarco and recommended rival Grupo Mexico. (ET)

Indian IT majors, Infosys, TCS and Wipro, apart from MNC rivals are bidding for US$6.5bn Belgian outsourcing deals from AXA, Dexa Bank, UCB and Allianz. (ET)

IOC may lose Rs250bn in revenues this fiscal on selling fuel below imported cost. (ET)

M&M is revamping its two wheeler business and plans to stop using Kinetic brand name. (ET)

CESC’s acquisition of a controlling 50.1% stake in Dhariwal Infrastructure for Rs2bn, allowing it to expand capacity faster, has been completed. (BS)

Ranbaxy, Hetero Drugs and Strides Arcolabs have together bagged order to supply 9.2mn capsules of generic or low priced version of swine flu drug Tamiflu. (ET)

Ranbaxy will market Daiichi Sankyo’s osteroporosis drug Evista in Romania through its subsidiary Terapia Ranbaxy. (ET)

Bharati Shipyard and ABG Shipyard bid to control Great Offshore hit a stumbling block as SEBI is yet to give its statutory approval for the open offer process. (BL)

Government allows GlaxoSmithKline to do quick experiments of its swine flu vaccine on Indians. (ET)

Maytas acquisition to cost IL&FS Rs3.3bn. (BS)

IL&FS, the new owners of Maytas Infrastructure, say the company will take one year to become financially stable after which they will look at raising capital through private placement. (ET)

Tata Tea is undergoing a strategic re-organization of its business to emerge as a global beverages leader. (ET)

Kalpataru Power Transmission has bagged orders worth Rs14bn from Maharashtra State Electricity Transmission Company and North Eastern Transmission. (ET)

NIIT Technologies is set to increase focus on non-linear business strategy. (ET)

TTSL has replaced the one-minute pulse rate with a flat charge for both local and STD calls for its prepaid CDMA customers. (FE)

HCC bagged an order worth Rs2.8bn for the construction of a hydel project in Arunachal Pradesh. (FE)

Nagarjuna Construction secured two orders valued at Rs4.8bn. (BL)

Parsvnath Developers received the Letter of Intent for grant of licence for developing 118 acres of Integrated Township in Rohtak, Haryana. (BL)

Bombay Rayon Fashion plans to raise upto Rs5bn from domestic and international markets. (FE)

Pipavav Shipyard which plans to raise Rs5.5bn through an IPO is likely to enter the capital market by September 16. (FE)

Akruti City plans to raise Rs5bn through an issue of fresh shares to private players and the issue will open on September 3. (FE)

Bank of Baroda sets up subsidiary in New Zealand. (FE)

Carborundum Universal has signed a ‘division agreement’ with its joint venture partner China Metallurgical Geology Burea (CMGB) for restructuring the JV (Jingri) in China. (BS)

Modi Tyres announced its technical and brand partnership with Germany’s Continental AG, one of the largest tyre makers in the world for heavy commercial vehicle tyres.(BL)

SEBI bans Austral Coke and Projects from raising further capital for allegedly falsifying accounts of over Rs10bn. (ET)
Economy Snippets
Planning commission says that India’s economic growth will speed up from Q4 onwards to reach 9% levels in two years. (ET)

Planning Commission expressed its concern over high generation cost, as well as over 30% distribution losses in the power sector. (BS)

India’s imports fell 37% in July, outpacing 28% fall in exports. (ET)

India’s exports dropped 28.4% in July 2% higher than the earlier estimate to US$13.6bn from US$19bn in the same month last year. (BS)

The Ministry of Shipping plans to award 28 projects worth Rs202bn in 2009-10. (BS)

Transportation of essential items including foodgrains, edible oil, sugar, salt, fruits and vegetables, fertilizers and petroleum products through railways and waterways will not face service tax. (ET)

India plans to import a third of its sugar demand next year as draught in major states threaten can yield. (ET)

Planning commission indicated that the country will miss its XIth plan power capacity addition target of 78.7GW but will be able to add 60GW. (FE)

India’s gold imports in August fell by 85% from a year earlier due to high prices and weak monsoon. (FE)

Mills have contracted more than two-thirds of their raw sugar import requirements for the ensuing 2009-10 season (October-September). (BL)

RBI is mulling “non-rate” policy measures to rein-in rising food prices. (BL)